Have you been paying attention to what's going on at Walt Disney (DIS -0.04%) these days? Since it's been changing at a rapid pace worthy of one of the company's adventure flicks, it might be challenging to stay on top of all the developments and put them into perspective. Here's a list of what you need to know and how to make sense of its effects on Disney stock.

Parks: Solid growth, new investments

The short story on the parks, experiences, and products segment, which includes Disney's 12 global theme parks, cruises, resorts, other experiences, and products, is that it's doing great. It's like the linchpin of Disney's flywheel platform, stabilizing the business even as some of its other businesses fly off the rails. 

Its closures early in the pandemic were a severe dent in the overall business, but save for that freak time, this segment has been a reliable sales and profits machine. Now it's back to its regularly scheduled growth, with a 13% sales increase in fiscal 2023's third quarter (ended July 1) and an 11% increase in operating income.

Disney's most recent news is a $60 billion capital investment in this segment, about double current capital expenditures. Although demand waxes and wanes, parks are predictably popular, and this looks like the right move for the company's overall direction.

Films: Tops, flops, and new content coming

Disney owns seven film production studios, including its animation units. These churn out reliable hits, often from popular franchises like the Marvel series, and Disney films typically account for a high percentage of the highest-grossing films annually.

This year, however, many of its entries fell flat. New films based on franchises, including the latest Indiana Jones feature and a live-action The Little Mermaid, didn't do as well as expected at the box office, although Disney still accounts for four of the top 10 highest-grossing films this year, including two from Marvel.

I don't see this as worrisome. It's going to have better and worse films, and the model of revamping old but loved material is still working. Disney has several new releases coming to theaters soon, including the highly anticipated animated film Wish and one more Marvel film this year, with seven more Marvel films planned through 2027.

Streaming: Struggles and strides

Streaming is the most contentious category right now, becoming one of the leaders of the pack but continuing to bleed money. Streaming is going to stay a key component of Disney's model, and it serves to engage new fans and bring them into the entire Disney ecosystem in addition to bringing in subscription and ad revenue.

Streaming revenue increased 9% over last year in the third quarter, and operating loss improved from $1 billion to $500 million. That's still a staggering loss, but Disney is still maintaining that it can get Disney+ to become profitable by the end of next year.

Linear networks: Is the end hastening?

The linear networks category, which includes traditional and cable TV, has been straining under the weight of cord-cutting and the streaming revolution. Sales and income are both falling, down 7% and 23% from last year respectively in the third quarter.

There are several notable news pieces of late in this category. One is that Disney might be exploring selling a portion of ESPN. ESPN has been a tricky part of the business because it's tied to its cable network, and its streaming channel offers a limited range of live sports events. Bringing it more fully into streaming will mean a quick end to the cable network and disrupt Disney's entire cable model.

Disney has also finally settled a dispute with Charter Communications, a distributor of its cable network channels. Charter will supply a more limited channel mix to its customers while also providing streaming services, paying Disney a wholesale rate for thousands of new streaming customers.

Finally, Bloomberg broke a story recently that Disney is considering selling ownership of its flagship broadcast network ABC. CEO Bob Iger refused to engage on the topic, but he did state that all new content will be geared toward streaming.

The grand finale: Disney stock

That's a hefty load to consider when evaluating Disney stock. Ultimately, Disney has an incredible brand with nearly unmatched intellectual property and a successful model that looks like it has massive potential going forward. It's operating in an industry that's undergoing foundational changes, but it has Iger back in the CEO seat to steer it. (Oh, that's something else to consider, since he's back on a "temporary" basis, although that's already been extended.)

Long-term, Disney should be OK. But the stock is tanking, and investors shouldn't expect major improvement for a while. You might want to keep it on your watch list, if you have the bandwidth to keep up with its non-stop news cycle, but I don't see any reason to rush in and buy right now.